TRUTH BE TOLD

Tuesday, December 25, 2012

Obama bans wealthy from hoarding gold

WASHINGTON, D.C. — President Barack Obama today banned private
ownership of more than a quarter ounce of gold, saying the move was
necessary to revive the economy.
"Wealthy Americans are bailing out on the economy by taking their
money out of circulation and hoarding gold," Obama said as he signed an
executive order reminiscent of Depression-era President Franklin D. Roosevelt's ban on the possession of gold.
"The wealthy are violating their trust and abusing their position
by investing in gold," Obama said. "My order will put an immediate end
to this practice, which threatens to hijack the good efforts of Congress
and my administration, which needs at least 3 trillion dollars of
additional stimulus money to maintain an acceptable rate of growth of
the federal government. My motto is 'If you're not getting bigger,
you're not getting better.'"
Obama made the announcement at a dais set up in the White House
Rose Garden and immediately left without taking questions, his customary
practice in his ongoing effort to eliminate transparency in government.
White House Spokeswoman Mary Chris Moss said all citizens must
surrender their gold to federal authorities by Dec. 25 or face a fine of
$335,400 and 20 years in prison.
"FDR imposed a $10,000 fine and a jail term of 10 years on
Americans who refused to give up their gold in 1933," she said. "but
that wasn't enough to keep most wealthy Americans from transferring
their gold overseas. We have doubled the fine, adjusting for inflation,
as well as doubled the jail term. President Obama's order also
immediately prohibits American citizens from transferring gold to any
other country, corporation, individual or governmental entity before
Dec. 25."
Assistant Treasury Secretary Juan T. Richez praised Obama's order
as a "brave and courageous and necessary rescue of the economy."
He said his boss, Treasury Secretary Timothy Geithner, co-signed
the gold ban to avoid having it ruled invalid, which was the fate of
FDR's Executive Order 6102. That order was nullified by federal judge
John M. Woolsey, who ruled that it should have been signed by the
secretary of the treasury. The Roosevelt administration then issued a
new order signed by Treasury Secretary Henry Morgentheau Jr.
Richez pointed out that the Obama administration will not simply
confiscate gold but will reimburse citizens at a value set by the
federal government.
"We are confident that Americans will be happy to know that we will
be paying double the rate paid by FDR for gold in 1933," he said.
During the Depression, the government paid $20.67 for each troy
ounce of gold that it received. Obama's order sets the current price at
$41.34 per ounce.
Phillip D. Bagg, newly appointed director of the Treasury
Department's Gold Reimbursement Fund, said Americans should be overjoyed
to learn that the government expects to eliminate a large portion of
federal debt through what he called "President Obama's brilliant
redistributive gambit."
Bagg said his economists have estimated that at least 700 million
troy ounces of gold are held by hoarders across the nation. He said the
government will offer the gold as collateral valued at $1,225 per ounce
as it applies for loans to fund the burgeoning federal government.
"I am calculating that if we can get even 500 million troy ounces
of gold, we'll be able to borrow enough from China to pay for the entire
federal debt by 2012," he said. "This should allow us to turn the
corner on the economy before the next presidential election, which
should ensure that our great leader remains in office. Even if we
default on the loans from China, we will have paid only pennies on the
dollar for the collateral we will transfer to Asia, so it's a great deal
any way you look at it."
Republican House Minority Leader John Boehner said he lacks the votes to prevent Obama's executive order from taking effect.

"Even if Republicans sweep the elections in November," he said,
"we still won't have enough votes to override President Obama's vetoes.
So we cannot keep the government from stealing gold from its citizens."
Democratic Congressman Anthony Weiner disputed Boehner's claim that the order amounted to theft.

"This is simply a further example of President Obama's necessary
and fair redistributive efforts," he said. "The rich in this country,
people like Glenn Beck, have way too much money as it is, and this will
help level the playing field."
Weiner had accused Beck of aiding and abetting his major
advertiser, gold broker Goldline, in unfairly taking people's wealth by
selling gold at a profit.

"President Obama's order will make sure Goldline never makes
another dollar," Weiner said. "So I salute this order and say it's high
time that the federal government started forcing people to divest
themselves of excess wealth and give it to people who really need it,
starting with the federal government, which simply cannot sustain its
current rate of growth without taking from the rich and giving to the
poor."
Tea Party Leader Skip Dover said he is opposed to the governmental takeover of individual wealth.
"What has made America great is the freedom of the
individual," he said. "When an individual can use his or her brains,
energy and resources to increase wealth, we all benefit in the process.
People make money by hiring others, either directly or indirectly, and
the more the government interferes, the worse off our economy is, and
the fewer good-paying jobs are available for Americans.
"It was government interference that ruined this economy in the
first place by forcing banks to give loans to underprivileged people who
couldn't afford to pay them back, and it is governmental interence that
is extending and worsening this recession."
B. Russell Sprout, an economist who has predicted the economy at
quadruple the accuracy rate of the Obama administration staff, said
wealth redistribution will damage the economy to the point that it will
harm the very people whom left-wing Democrats intend to help.
"The poor as well as the working class fare much better if
wealthy people are allowed to keep their money," he said. "They use that
money to invest in business, creating new jobs, or they buy goods and
services for themselves. When the guy down the street buys a new
motorhome, for example, a lot of people benefit, from the union workers
who built the unit, the sales staff that sold it, the media that
advertised it, and the people who maintain it. And the government still
gets sales tax every time it is bought or sold as well as property tax
on it every single year. When the government takes money from
businessmen, the bureaucrats send it to China or hire more bureaucrats
to create red tape, and you're killing the eagle that lays the silver
egg or however that saying goes."
A spokeswoman for the Democratic Party's Redistribution Caucus,
Donna Kara Lott, said Obama's order is "merely returning wealth to its
rightful owner, the people and the people's republic."
"Even the Republicans will tell you that God made the gold," she
said. "My party holds to the alternative view that the natural evolution
of the universe left gold to help maintain the survival of the fittest
in modern socialistic terms. In any case, it is the people's gold, not
those who stole it from the earth or who bought it from miners who raped
the earth. It is the people's gold, and it should be held and used as
the people's republic sees fit."
She said Obama's order is a necessary step in her caucus's efforts to redistribute all wealth to those who need it most.
"A major goal of ours is to find peace," she said. "As Karl Marx
said, 'Peace is the absense of opposition to socialism.' So this
executive order is an important step to peace."
Obama's order does not apply to non-citizens of the United
States, but some immigrants are nervous that it might be amended to
apply to them.
"All my amigos with gold are sending it back to Mexico," said
Jose Salido del Baño of the Hispanic Alien Workers group (HAW). "Why
should we help fund a bailout of the American economy when America has
bailed out on us?"
The order does nothing to stop non-U.S. citizen American muslims from shipping gold overseas to Islamic jihadists.
"We cannot send funds to terrorist groups," said Imam Wassa Faus
Abowd of the Islamic group, Basher Ubudiyah Ground Zero (BUGZ). "But
there is nothing in law to stop faithful from sending items made of gold
to individuals. I myself plan to send a dagger with a solid gold handle
to a friend of mine who wishes to enjoy 72 virgins ASAP. He can melt
down dagger handle, and should have enough to make device for send him
and many others direct to paradise."

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